Insurance

[jukas]

Ok, so I'm finding out that renters insurance just isn't enough, they extremely limit what they will cover, have a coverage limit of $2500 max and don't cover against accidental damages.

Does anyone have any recomendations for ways to insure equipment for higher dollar amounts, as well as coverages that renters doesn't offer, like accidental damages (if I drop the lens for instance, or it gets stollen out of my vehical). I have my auto insurance with Geico, and they try pretty hard to push their Umbrella policies, would one of those apply in a situation like this?

[steven]

I have a PAF (personal artical floater) added on to my renters insurance. This additional coverage (and additional cost) covers my camera for anything.
The catch is that I am not using the equipment as a professional. Though this never made sence to me as I haul my equipment around almost a much as a pro would.

Have you asked you insurance company (the one you have renters insurance with) about additional coverage for expensive items?

[HJMinard]

I have a personal articles policy from State Farm. It is a stand-alone policy not connected to my homeowners or any other insurance. It covers theft, accidental loss and accidental damage without deductibles. I believe it costs about $1.65 per $100 of coverage. Mine has the same stipulation that the equipment will not be used professionally.

[jukas]

I believe it costs about $1.65 per $100 of coverage. Mine has the same stipulation that the equipment will not be used professionally.

Thanks for the info, are they charging you $1.65 per $100 of coverage on a monthy or annual basis? $49 a year seems pretty cheap for $3000 of coverage and $600 a year seems fairly pricey.

[HJMinard]

I believe it costs about $1.65 per $100 of coverage. Mine has the same stipulation that the equipment will not be used professionally.

Thanks for the info, are they charging you $1.65 per $100 of coverage on a monthy or annual basis? $49 a year seems pretty cheap for $3000 of coverage and $600 a year seems fairly pricey.

That's an annual premium ($49 per year for $3000 of coverage) and they'll even split that into monthly payments if you choose.

[Jon]

I have an Inland Marine (personal articles) with Erie. Runs me about 1% insured value per year. I really have to drop that old FD stuff from it ;{)#

[Andy_T]

I really have to drop that old FD stuff ...

... and collect the money on it :twisted:

Sorry, couldn't resist the pun...

Best regards,
Andy

[Jon]

Yeah. Might even get enough from the claim to pay the next year's premium.

[RogCincy]

Though this never made sence to me as I haul my equipment around almost a much as a pro would.

It's stated that way since once you are paid for your work you're equipment no longer is used as a hobby but for profit. Therefore changing it's classification from an item of luxury to one of business need.

I'm sure there is more to it than that but anything that is used to make a profit can no longer be covered by your typical insurance. I'm sure this is the same for anyone that has a home dark room.

My camera's are covered by State Farm at the rate of $1.49 per $100 that I want to cover. Everything is covered except for items like the compact flash, filters..... My tripod and head are covered and listed individually.